Washington Post, August 29, 2009 on page B4 published the life of economist Sprinkel who was indulging his love of music. Music is his first love but he turned to economics as the result of an excellent teacher who influenced him to study Economics. He studied with Milton Friedman at the University of Chicago, the monetarist institution. In the 1970s, Friedman had a heated debates with Walter Heller,a believer of fiscal policy. Friedman also had a debate with Galbraith for different schools in economics. Both monetary and fiscal policies cannot operate in a vacuum as FED chairman Arthur Burns stated in 1970s. Humanpower policy should be the part and parcel for economic stabilization.
Sprinkel was Chairman of Council of Economic Advisers under Reagan Administration. Such position reminds of Charles L. Schultze,Chairman of Council of Economic Advisers under President Carter. Schultze was a graduate of Georgetown University Graduate School, Class of 1950. He taught at the University of Maryland when I was teaching economics as a contemporary decades ago. Schultze, as an educator, published books but Georgetown received largest philanthropic gift from the late businessman Robert McDevitt(C'40) who donated $75 million to Georgetown. Scholars published books and business executives bequeathed his estate to establish a fund for his alma mater. Alumni got involved in different ways as legacy to benefit humanity.
Such good deeds may be good role models for folks in USA and in China as Sino-American economics in action.
Francis Shieh a.k.a. Xie Shihao with thoughts at Beltsville Library after 495 traffic congestion for one-hour delay as a Saturday Encounter!
August 29, 2009 at 11.50 a.m.
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